FASB to Discuss Nonpublic Entities in Webcast

Submitted by rkoreto on Fri, 12/02/2011 - 13:11

On Dec. 20, from 1:00–2:40 p.m. ET, the FASB will hold a free live broadcast to discuss its ongoing initiatives to address financial accounting for nonpublic entities.  

 
FASB members Daryl Buck and Larry Smith and FASB staff members Jeff Mechanick, Ron Bossio and Paul Glotzer will address:
 
  • The current proposal to create a Private Company Standards Improvement Council (PCSIC)
  • Thoughts on making exceptions and modifications to GAAP for private companies
  • Recently added projects to improve financial reporting for not-for-profit organizations
  • Progress on the FASB-IASB convergence program
  • Other relevant issues relating to nonpublic entities
 
The FASB believes that by the end of the program, participants should understand:
 
  • How the proposed PCSIC and decision-making framework would help ensure that accounting standards are appropriate for private companies
  • Why and how the Board plans to improve the financial reporting model for not-for-profit organizations
  • The FASB and IASB’s plans for completing the major joint projects on revenue recognition, leasing and financial instruments
  • How other recently issued standards or active projects will affect financial reporting by nonpublic entities
 
Attendees are eligible for two hours of CPE. However, each attendee has to register separately; there is no CPE for those who watch in a group under one registration. 
 
The FASB will archive the webcast on its website  through March 18, 2012. However, CPE credits are not available to those who only view the archived webcast.
 

 

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